Is Paytm Wallet Withdrawal to Bank Treated as Income
This query is : Resolved
Ashok Kumar
(Querist)
09 December 2016
I have plenty of credits in my bank account in the last month and just 2 to 5 Debits for Credit Card Bill Payments.
All these credits are - I Withdrawn my money from Wallets like Paytm, FreeCharge and many others. I loaded these Wallets with plenty of 1000's with my Credit Card. But now due to demonetization, all Wallets are providing Free Transfer to Bank So, i transferred Huge Amounts with Multiple ₹5000's as they don't allow single transaction more than 5000.
Now, is this money treated as income and is it taxable. I can't even provide wallet statements because except Paytm not many has statements feature. However, I will provide Credit Card Statements as it will be more than 2 Lakhs.
CA Suresh Jain
(Expert)
11 December 2016
It was your own money taken as loan from credit card and therefore it is not an income
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